There are several crypto-based apps that are available on the play store, but one of the crypto-based emergency app ‘Guardian Circle’ has experienced a major trend up north in its monthly downloads, due to COVID-19 pandemic.
The emergency based crypto-app project had provided the figures itself and confirmed that an additional new 5150 users had downloaded the application in March. This huge surge in the numbers means a monthly growth of 2582% which for a 3-year-old app is astounding. The increase in traction for an emergency app when everything is fine is a tad difficult. In January the app registered only 300 new users.
The important question that arises here is since the app has seen increased downloads due to the sweeping pandemic, what will the repercussions be once the pandemic is wiped off?
On the official website of Guardian Circle, it is very clear that the main intention of the app was to help with the development and progress of the micro-economy especially with respect to any emergencies arising in regions that needed it the most. The app has different functionalities including, heart rate monitors, crash detection and much more. There is also an inherent reward system that lures the user to use it often. This reward system will leverage its own cryptocurrency called the $GUARD cryptocurrency.
The company officials have made it clear that the app is not meant to be used on an everyday basis. The crypto-based reward system was designed so as to keep up with the current trends and to ensure that it is relevant to the user. The COVID-19 situation has made people download the app, but the crisis also has many economic symptoms attached to it. With downfalls registered in almost all economies, the survival of the app itself is questionable. The reserves of the app were always based on crypto whose value has reduced thanks to the crash in the crypto market. For now, the company promoter Mark Jeffrey is investing his personal funds to see to it that the company stays afloat. The current funding situation estimates the longevity of 6 months.
Image Source – Pixabay
